Honda will quit Formula One on Friday.
The Japanese company hopes to sell its team, which costs $400 million a year to run, but is prepared to close the team early in 2009 if no buyer is found.
Sources told BBC Sport the team were "optimistic" they would continue, but no investor had yet been found.
However, according to the Reuters news agency, team bosses Ross Brawn and Nick Fry fear Honda could close the Brackley-based team within weeks.
According to a Reuters source, Brawn and Fry told a meeting of the Formula One Teams' Association: "They have a month to find a buyer, otherwise they are closing the team."
Honda appointed Brawn, the man who masterminded seven world titles for Michael Schumacher, as their team principal ahead of the 2008 season.
Honda, who recently cut road vehicle production as a response to the global economic crisis, is expected to make an announcement regarding the team's future on Friday.
A notoriously expensive sport in which to compete, teams have spent recent months in intensive discussions over cost-cutting measures.
However, Honda are considered a major player within Formula One, bankrolling more than 800 staff at the team's Northamptonshire base with the largest budget in the sport.
Source: BBC
